Quite a racket when we stumbled out of Balançoire after Haçeteria last night at 2AM:
Eff this shiet. No on B&C.
Those aren’t condos. That’s the movie theater.
No, it is the condos. The developers managed to make it so that the repairs/restoration of the New Mission won’t happen until after the condos are built.
I really, really, really hope they don’t manage to weasel out of fixing the theatre. That sort of bullshit happens all too often.
Are you sure about that? I haven’t heard anything that says the two projects can’t happen simultaneously.
Y’know, I have to admit that I’m *NOT* sure about it in this case. I have to file it under “stuff I heard somebody say”, but that’s obviously not the same as actual evidence.
However, that being said, there has clearly been a ton of work on the Giant Value/Condos side of the project, and no APPARENT work on the New Mission Theatre side of things so far.
Condos:Four points that Blog posters and most commentators here, SFist, etc don’t bring up.
A layman, with little prior knowledge of ‘derivatives’, ‘CDOs’, Hedge funds, or the historical expanse of unregulated global finance structure, can find out in just a couple hours of research.
1)50 to 60% of all these ultra high end buys in London, NYC and here and even in the east bay, are made by Hedge funds, Equity arms of the too big to fail, and chinese rich (who are leery of the bubble there and possible massive govt crackdown on their own credit bubble). You can read Mike Whitney on counterpunch.org, or Yves Smith, etc at Naked Capitalism for more in-depth info. The Wall Street Journal, of all places, even had an article saying that 60% of the buys in east bay were not ‘just regular rich couples/people’.But speculation by global finance.
2)The bubble of the housing market is directly linked to the Fed Reserves QE program, of pumping $80 billion a month buying up crap, RMBS etc.
3)The tech bubble is directly related to same. These tech companies that actually produce very little but apps, or social media sites that can easily be copied, most of whom don’t even make a profit, are overvalued, have no mark to market ratio of any sense, and rely on pure speculation. We are arguing about a ‘techie annoyance’, as if these jobs are here to stay.
The people in these jobs, mostly, but not all, think that too. Lets talk in two years. This is a vast generalization I know. But the biggest influx of new rich kids are from basic search, ad revenue, and social sites. Not actual manufacturing, or production of product. Half their jobs will be gone.
4)The day Bernanke hinted he may ease QE, the market dipped. When he does it will crash. As one hundred years of urban development show, no city can have viable and mixed working class/middle class enclaves if ‘development’ and speculation rule the day. There has to be massive govt subsidization, with community input, to create affordable housing in a ‘hot city’. This is standard urban studies. It’s logic. The market builds to the highest bidder. You cannot move a detroit house here. The market is controlled by the rich. Either the people via direct action, disrupt the market, or a democratic govt has to alleviate the ‘owners’ disruption. Neither of which is happening.
Dad, is that you?
“this is my first, this is my first mission dog! smells so good i can’t believe it”
Heard that too. I’m surprised people aren’t shitting on these “newcomers”!
I’m just going to leave this here: http://kalw.org/post/many-translations-day-dead#.Unff8TLLer0.facebook
The blog so nice they named it twice.